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    Strip District Retail Opportunity Title is generated by Realmo AI

    2306 Penn Ave, Pittsburgh, PA 15222

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    14,608 SF retail space for lease in Strip District.

    Type:Retail
    Property size:
    14,608 SF
    Added:
    Mar 3, 2026
    Days on Market:
    70
    Last Refresh:
    Mar 16 at 11:13 am

    Property Features for 2306 Penn Ave

    General Information

    Standard status
    Active
    Size
    14,608 SF
    Property subtype
    Retail

    Spaces For Lease

    at 2306 Penn Ave Contact us

    We can help!

    Listing Contact
    Eric Lamm
    Eric Lamm

    Listing agent Eric Lamm License #rs161989a

    Listing office Hanna Commercial Real Estate - Pittsburgh

    Listing date Mar 3, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Hanna Commercial Real Estate - Pittsburgh

    HighLights

    • High Visibility location in the heart of the Strip District.
    • Large space available: 14,608 SF for lease.
    • Subdividable space along original building lines.
    • Adjacent 4,800 SF parking lot with 18 car capacity.
    • Rear loading area with one 10 X 10 overhead door.
    • Located in the Strip District, receiving over 8.7M visitors yearly.

    Overview

    This 14,608 square foot retail space is available for lease. The property, formerly a grocery store, includes 11,025 square feet on the first floor, 663 square feet on the second floor, and a 2,920 square foot mezzanine. Located in the heart of the Strip District, the property offers high visibility. The landlord is willing to subdivide the space along original building lines, offering a left side with 5,880 square feet on the first floor and 663 square feet on the second floor, or a right side with 5,145 square feet on the first floor and a 2,920 square foot mezzanine. An adjacent 4,800 square foot parking lot provides space for 18 cars and includes both an entrance and exit. The property also features a rear loading area with one 10 X 10 overhead door. The Strip District receives over 8.7 million visitors yearly, averaging 726,000 monthly visitors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    WFH Oriental Market (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Special Events at Fairmont Pittsburgh — 510 Market St floor 2, Pittsburgh, PA 15222
    • Lotus Food Company — 1649 Penn Ave, Pittsburgh, PA 15222
    • Home Plate Club - PNC Park — 115 Federal St, Pittsburgh, PA 15212
    • Ritual House — 524 William Penn Pl, Pittsburgh, PA 15219
    • Rib Room — 649 Penn Ave, Pittsburgh, PA 15222

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.980846
    Latitude
    40.452955

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    FAQs

    What type of property is this?
    Grocery and convenience store - 14,608 SF retail space for lease in Strip District.
    Where is this grocery and convenience store located?
    The property is located at 2306 Penn Ave Pittsburgh, PA.
    What are key features of this property?
    This property features: High Visibility location in the heart of the Strip District.; Large space available: **14,608 SF for lease.**; Subdividable space along original building lines.
    (412) 261-2200 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Eric Lamm
    Eric Lamm
    Real Estate License ID: rs161989a
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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